Financial scams are becoming increasingly sophisticated, and many are now targeting people over 55. In the last six months alone, nearly 5,000 fake Financial Conduct Authority (FCA) scams have been reported, often involving criminals pretending to help victims recover lost crypto investments or money from loan scams, only to steal even more.
Understanding how these scams work and knowing what to look out for is one of the best ways to protect yourself and your finances.
The FCA will never:
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Ask for your PINs or passwords
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Request a direct bank transfer
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Pressure you into acting immediately
If anyone claiming to be from the FCA does any of the above, it’s a scam.
How to Stay Safe: Scam Spotting Checklist
Use these simple steps to protect yourself:
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Be cautious of unexpected contact
If someone contacts you out of the blue by phone, email, text, or social media, pause before responding. Verify who they are first. -
Watch out for urgency or pressure
Scammers often try to rush you into making quick decisions. Take your time and speak with someone you trust before taking action. -
Never share sensitive information
The FCA will never ask for PINs, passwords or to transfer money. Also, never give anyone remote access to your computer or device unless you are completely sure who they are. -
Check credentials properly
Use the FCA Register to verify whether a firm or individual is authorised. Don’t click on links sent via email or text, go directly to the official website yourself. -
Be sceptical of “too good to be true” offers
Exclusive deals, secret opportunities or promises of very high returns are classic scam tactics. If it sounds too good to be true, it probably is. -
Look out for emotional manipulation
Scammers may use flattery, fear, authority or urgency to influence your decisions. Stay calm and seek independent advice if you’re unsure. -
Protect your online accounts
Enable two-step verification (2SV) wherever possible to add an extra layer of security. -
Report anything suspicious
If you think you’ve encountered a scam, contact Action Fraud on 0300 123 2040.
Tip: Use a “Code Word”
Consider setting up a simple code word or phrase with trusted contacts, including your financial adviser. If someone contacts you claiming to be from a financial organisation, ask for the code before discussing anything sensitive.
If You Think You’ve Been Scammed
If you believe you may have fallen victim to a scam, don’t let shame stop you from getting help — the blame lies entirely with the criminal, not you.
Report it straight away to Action Fraud on 0300 123 2040 or online at actionfraud.police.uk.
Then speak to us, and we can actively help you review your accounts and support any next steps.
Remember: Staying vigilant and taking a moment to verify before you act can make all the difference. If something doesn’t feel right, it’s always better to double-check.
